Since its beginnings, artificial intelligence (AI) has helped businesses automate important tasks and make their operations more efficient. It has helped companies identify changing trends and consumer habits, automatically detect fraud and irregular behavior, and provide sales and marketing teams with targeted audiences. There are many benefits of implementing AI in your business however, amidst the COVID-19 pandemic, viewpoints have changed. We all anticipate a bright future for technology, but we’ve also feared things going wrong.
Studies show that nine out of ten leading businesses invest in AI technologies, but only 15% deploy AI capabilities within their own business. Executives of businesses say that AI makes their business more competitive than ever before. Unfortunately, HR professionals have faced challenges adapting to the potential AI can provide them. It is difficult to implement AI in your business due to the fact that it’s complex and ever-changing. Today, the main challenge for HR professionals is finding AI technologists.
Reign, an application development firm, conducted a study that showed a 21 percent increase in the number of AI jobs available in the U.S. Research also showed that there was a 27 percent increase in job wages associated with AI-related jobs. Felipe Silberstein, Vice President of Strategy for Reign, said job positions that require AI or machine-learning skills are projected to increase by 71 percent within the next five years.
You may ask yourself what the problem is if the demand for AI jobs is increasing. Individuals found that the root of the problem is the COVID-19 pandemic and the Great Resignation, based on research and surveys that were conducted. It was reported that 48 percent of executives began utilizing AI at the very beginning of the pandemic. Millions of employees started quitting their jobs in 2021 which left most companies short-staffed and struggling to find good talent. Due to these pandemic-related issues, executives put maximizing their AI capabilities at the bottom of their list of importance.
Individuals have stated they feel AI imposes a negative impact on their industry because it requires more training or upskilling of workers. It has become increasingly common for executives to say that AI does not improve their businesses’ competitiveness. Negative impacts of AI on businesses that you may want to consider include:
- AI bias
- Loss of certain jobs
- A shift in human experience
- Global regulations
- Accelerated hacking
- AI terrorism
Upskilling the workforce is a much-needed task that needs to happen amongst the majority of companies. There is a portion of individuals who said they would consider learning tech skills relevant to working with AI technology in the future. However, the number was less than 50% of individuals. This means that individuals with substantial financial resources now have an advantage. Businesses are concerned that once they retrain their employees and invest all this money, these employees will be picked up by their competitors.
Human resources are one of the most time-consuming components for any small business to manage. Between recruiting and retaining employees to payroll to tracking vacation time, there are many functions when it comes to human resources management. However, you didn’t start your business to become an HR expert, did you? When you outsource your HR functions, it allows you to spend more time focusing on growing your business, and less time on human resource management. Our clients trust that despite our advanced technologies, they’ll receive dedicated GMS experts handling their needs. Learn how outsourcing human resources to an HR outsourcing company like GMS can help.